GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson Sells 547,679 Shares of Stock

GitLab Inc. (NASDAQ:GTLB) Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now directly owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

GitLab Stock Down 2.6 %

Shares of GTLB opened at $56.47 on Tuesday. The stock has a market capitalization of $9.17 billion, a P/E ratio of -176.47 and a beta of 0.54. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a fifty day simple moving average of $60.17 and a two-hundred day simple moving average of $53.48.

Institutional Trading of GitLab

Several large investors have recently modified their holdings of the business. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab in the 3rd quarter worth approximately $52,000. True Wealth Design LLC bought a new stake in GitLab in the third quarter valued at $56,000. Rakuten Securities Inc. increased its position in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP raised its holdings in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of GitLab in the 3rd quarter worth about $96,000. 95.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. BTIG Research upped their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Canaccord Genuity Group increased their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Cantor Fitzgerald raised their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Scotiabank upped their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Finally, Truist Financial reissued a “buy” rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.